LME copper inventory hits a 10.5-month low, SHFE copper inventory drops by over 30%

Data released by the London Metal Exchange (LME) showed that LME copper inventories declined at an accelerated pace last week, with the latest inventory level reaching 179,375 mt, a new low in ten and a half months.

The latest data released by the Shanghai Futures Exchange indicated that during the week of May 16, SHFE copper inventories rebounded somewhat, with weekly inventories increasing by 34% to 108,142 mt. International copper inventories increased by 24.33% to 17,117 mt.

Last week, COMEX copper inventories continued to rebound, with the latest inventory level reaching 169,664 mt, marking a new high in over six years.

Note: Generally speaking, a continuous decline in inventories at domestic and overseas exchanges will support futures prices, while the opposite will have a bearish impact on futures prices.

Comparison of Copper Inventories at the Three Major Exchanges Since 2023

The following are the copper inventory data for the three major exchanges since May 2025: (Unit: mt)